Crypto.com price jumps following Trust Wallet’s CRO integration
- Cronos price is attempting to recover from a pullback to $0.38 on April 25, 2022.
- Trust wallet, a leading cryptocurrency wallet, recently integrated the Cronos blockchain in an attempt to scale the Web3 ecosystem.
- Analysts believe CRO could break outside the supply zone between $0.53 to $0.59.
The Cronos blockchain was recently integrated into the Trust wallet, a leading cryptocurrency wallet provider. Over 25 million users hold their cryptocurrency in Trust wallet, driving the utility and adoption of Cronos blockchain higher.
Cronos blockchain witnesses rise in on-chain activity
Cronos price is tipped to rise after its integration into the open-source crypto holding app, Trust wallet, the Cronos blockchain has witnessed a rise in user activity. Trust wallet has a total of 5 million active users and 25 million users worldwide.
According to Trust Wallet’s latest announcement, the EVM compatible Cronos blockchain is now live on the network. Trust Wallet plans to scale the Web3 user community through its support for CRO.
Proponents believe new partnerships by Crypto.com exchange have fueled a bullish sentiment among Cronos holders. In addition to the partnerships, there is a rise in adoption of the Cronos blockchain in the crypto community across projects like the Trust wallet. This is a bullish sign for Cronos holders as CRO would find utility in several projects in the DeFi ecosystem.
Crypto data intelligence platform IntoTheBlock revealed bullish sentiment towards Cronos based on both on-chain and off-chain signals.
Crypto.com exchange recently added five tokens from projects based on the Cronos blockchain. This introduces more users to the Cronos ecosystem, increasing daily activity in the CRO ecosystem.
Analysts at CoinCodex believe the short-term sentiment on CRO is neutral, and 18 out of 27 indicators are currently displaying a bullish signal. Cronos price started recovering after the recent pullback, and leading crypto analyst @CryptoTony_ has identified potential for a bullish flip in the trend line.
The analyst has identified a supply zone between $0.53 and $0.59. Analysts argue that CRO price could confirm the bullish trend by breaking out of the supply zone. However, further drop could push the price down to $0.23 support.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
